Several New Jersey natural gas distribution companies announced proposed lower supply costs.
PSE&G said that it would reduce its basic gas supply rate this winter to 40 cents from 45 cents -- the lowest rate in 15 years.
Also included in PSE&G's filing is a small reduction to the Balancing Charge to 9.4 cents from 9.6 cents.
New Jersey Natural Gas said that it is seeking to maintain the existing rate for Basic Gas Supply Service for residential and small commercial customers
However, New Jersey Natural Gas also announced that it will provide a bill credit to residential and small commercial customers for the 2015-2016 winter heating season. The full amount of the bill credit will be determined in the fall of 2015, but NJNG currently estimates a reduction of $63.7 million for these customers during the months of November 2015 through February 2016. Although the credit will vary, based upon individual usage and weather patterns over the four months, the typical residential heating customers using 1,000 therms per year could realize a savings of approximately $141, or 14.3 percent, on their total bill on an annual basis.
In a news release, New Jersey Natural Gas was not specific that the credit is related to the supply portion of the bill, and would only be received by default service customers, but we suspect that it is supply-related
South Jersey Gas' Basic Gas Supply Service petition proposes a decrease in the supply rate which translates to a reduction of $12.11 on an average 100-therm monthly residential bill.